UK FSA Provides Positive Update On Novel Foods Application Process

Rhea-AI Summary

The UK Food Standards Agency (FSA) has confirmed that Elixinol's products comply with the novel food application requirements, allowing continued sales in the UK. This notification follows an earlier deadline set for CBD firms to submit their applications by March 31, 2021. Elixinol's membership in the EIHA's Novel Food Consortium ensures support for their products under this application. The FSA will grant official validation once ongoing toxicological studies on CBD and THC are completed, expected in the coming months. This positions Elixinol to explore new customer contract opportunities.

Positive

• Products remain compliant with regulations, allowing continued sales in the UK market.
• Elixinol is part of the EIHA Novel Food Consortium, providing robust support for its product applications.
• Potential for new customer contracts as validation is expected.

Negative

• None.

SYDNEY, March 25, 2021 /PRNewswire/ --

Highlights:

• The UK Food Standards Agency (FSA) announced on 21 February 2020 that it had set a deadline of 31 March 2021 for CBD businesses such as Elixinol to submit valid novel food applications to permit sale of CBD products in the UK
• As part of the European Industrial Hemp Association's (EIHA) Novel Food Consortium, Elixinol's products are now supported by a valid novel food application
• EIHA has advised that both full-spectrum and natural isolate products of EIHA consortium partners can remain for sale on the UK market, following both applications passing the key administrative check by the UK FSA
• Official validation will be granted upon results of toxicological studies on both CBD and THC¹, expected in the forthcoming months, with business as usual for Elixinol UK sales in the meantime
• FSA novel foods approval expected to open up new opportunities for customer contracts

Elixinol Global Limited (Elixinol or the Company) (ASX:EXL; OTCQB:ELLXF) is pleased to announce that it has received notification from the European Industrial Hemp Association (EIHA) that both full-spectrum and natural isolate products of the EIHA consortium partners can remain for sale on the UK market, now both applications have passed the key administrative check by the UK FSA.

The UK Food Standards Agency (FSA) announced on 21 February 2020 that it had set a deadline of 31 March 2021 for CBD businesses such as Elixinol to submit valid novel food applications to permit the continued sale of CBD products in the UK. As a partner of EIHA's Novel Food Consortium, Elixinol's products are now supported by a valid novel food application.

The FSA has confirmed to EIHA that the applications were considered to be compliant with the administrative requirements. The official validation will be granted only upon results of the undergoing toxicological studies on both CBD and THC¹, expected in the forthcoming months.

Elixinol's Executive Director and Global CEO commented, "This is excellent news from the UK. The FSA's response means we can continue to operate on a business as usual basis for now, while the toxicological work is being undertaken. It removes a short term risk and will open up new opportunities for customer contracts. We will keep the market appraised as this matter develops further over the coming months."

This document was authorised to be given to the ASX by the Board of the Company.

About Elixinol

Elixinol Global Limited (ASX:EXL; OTCQB:ELLXF) is a global leader in the hemp industry, innovating, marketing and selling hemp derived nutraceutical, cosmetic and food products. The Company's simplified business model is focusing on:

• In the Americas, innovating, marketing and selling high quality Elixinol branded hemp derived nutraceutical products based in Colorado, USA
• In Europe and the UK, educating and selling high quality Elixinol branded and co-branded hemp derived nutraceutical and skincare products based in Utrecht, The Netherlands and London, UK
• In Australia, providing stronger unified planning and support across the group to enable the various regional offices to focus on operational strategy and execution through its Global Executive Office based in Sydney, Australia
• Hemp Foods Australia Pty Ltd, a leading hemp food wholesaler, retailer, manufacturer and exporter of bulk and raw materials, and finished products
• Across the Rest of World, expanding distribution of Elixinol branded hemp derived products through reputable distributors as key markets open.

See more at www.elixinolglobal.com

¹ https://eiha.org/wp-content/uploads/2020/06/PR_Vote-on-NF.pdf 

 

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SOURCE Elixinol Global Limited

FAQ

What is the significance of the UK FSA's announcement for Elixinol (ELLXF)?

The UK FSA's announcement allows Elixinol to continue selling its CBD products in the UK market, as their products have passed the key administrative checks.

When is the deadline for CBD businesses like Elixinol to submit novel food applications?

The deadline for CBD businesses to submit valid novel food applications was March 31, 2021.

What does the EIHA consortium support for Elixinol's products?

The EIHA consortium supports Elixinol's products by providing a valid novel food application, crucial for permitting their sales in the UK.

What is expected to happen after the toxicological studies on CBD and THC for Elixinol?

Official validation from the FSA is expected upon completion of toxicological studies on CBD and THC, which will further ensure the legality of Elixinol's products.

What opportunities might arise for Elixinol following the FSA's announcement?

The FSA's announcement is expected to open new opportunities for customer contracts for Elixinol.